36 USC § 150713
Distribution of assets on dissolution or final liquidation
October 21, 2020
On dissolution or final liquidation of the corporation, any assets remaining after the discharge of all liabilities shall be transferred by the board of directors to a recognized agency or agencies engaged in the furtherance and advancement of citizenship.
Open Table|
Revised Section |
Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 150713 | 36:445. | Aug. 13, 1953, ch. 427, §15, 67 Stat. 565. |
The word "satisfaction" is omitted as included in "discharge", and the word "obligations" is omitted as included in "liabilities". The word "outstanding" is omitted as unnecessary.
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